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SUMMARIZED SIX-MONTH CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2015
2
Appendix to the summarized six-month consolidated financial statements
The myDevices activity is actually now starting up, and its weight is
not significant in the Group’s revenue. Moreover, this activity is hosted
in numerous companies of the Group, who themselves also manage
different businesses. Thus, the flows, in particular on the balance
sheet, connected to myDevices are not immediately identifiable. This
is why the Group’s management deems that myDevices does not
constitute either a separate sector, within the meaning of IFRS 8, nor a
distinct CGU apart from the rest of the BtoC CGU. This analysis could
change in the future, with the progressive upswing that is expected
in this business.
The Group’s internal reporting is based upon adjusted EBITDA from
the various divisions, which corresponds to recurring operating
income before the impact of depreciation and provisions, and of the
capitalized R&D.
The current operating result is a loss of €6.7 million. The difference
between the adjusted EBITDA and the operating result can be
broken down as follows: €3.3 million in depreciation, €0.7 million of
capitalized production (in product), and €0.2 million in restatements
of consolidation (retirement benefits, bonus shares).
On these bases, the sector information can be analyzed in the following manner for the first half, from July to December 2015.
Key figures per CGU, first half of the 2015-2016 fiscal year
(in millions of euros)
BtoC
Digital
Printing
Total Avanquest
External revenue
39.8
31.8
71.6
Adjusted EBITDA*
1.5
(5.3)
(3.8)
* Including corporate expenses allocated proportionally to the revenue.
NOTE 10
EVENTS TAKING PLACE AFTER CLOSING
Change in governance
A new mode of governance has been in place since January 1, 2016,
with the constitution of a Management Board and of a Supervisory
Board, following the positive vote for such resolution at the Combined
General Shareholders’ Meeting of November 30, 2015. For further
information, please refer to the six-month activity report.
Buyback of a block of 23,629,791 shares
off the market
The Management Board of Avanquest, under the chairmanship of
Pierre Cesarini, after having obtained the prior authorization of the
Supervisory Board, decided on March 8, 2016, to partially implement
the share buyback program, and bought back, off the market, a block
of 23,629,791 of its own shares, representing 6.3% of its share capital.
These shares, held by FPB Invest, whose manager, Frédéric Paul,
is a member of the Company’s Supervisory Board through the RE
Finance Consulting SA company, were acquired for a total price of
€2,592,928.97, or €0.1097 per share.
Frédéric Paul, representing the RE Finance Consulting SA company,
resigned from his position as a member of the Supervisory Board on
that same day.
Avanquest thus now possesses 6.35% of its own shares, held
in treasury. The whole of the share purchases was financed by
Avanquest’s cash assets.
2015/2016 SIX-MONTH FINANCIAL REPORT -
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